In a continuous effort to uphold transparency within the cryptocurrency industry, OKX has released its eleventh straight monthly Proof of Reserves (PoR) report. The most recent disclosure reveals a significant holding of $11.2 billion, primarily in assets like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
OKX Publishes Eleventh Proof of Reserves Report
The PoR report covers 22 commonly traded digital assets, including BTC, ETH and USDT. OKX has consistently maintained a reserve ratio exceeding 100% for 11 straight months across all these assets. The current reserve ratios for the three mentioned tokens stand at 102%, 103%, and 102%, respectively.
Compared to the results reported in August, the reserves increased by $800 million, rising from $10.4 billion to $11.2 billion. However, when compared to July, they slightly decreased, shrinking by $100 million. It's important to note that their value primarily depends on the prices of digital assets, which were testing their yearly highs in July.
Gm. Time flies, and def flies faster in crypto. Today we published our 11th #ProofofReserves where we show our reserves in ratio of total customer funds. The saying goes.. “Don’t trust. Verify.”https://t.co/zOUEbqZIde
— Haider (@Haider) September 26, 2023
"We've seen hundreds of thousands of users engage with our PoR, visit our PoR page and view their self-audits since late 2022,” commented Haider Rafique, the Chief Marketing Officer at OKX. “The open-source verification tool allows users to independently verify our solvency and confirm their assets are backed by our reserves while maintaining their privacy.”
In its latest press release, the exchange noted that it had received the highest possible quality rating among major cryptocurrency exchanges from Nic Carter, a respected industry expert on blockchain. He referred to the exchange as the "gold standard" of PoR reports.
Crypto Users Think PoR Reports Are Important
OKX is the only major cryptocurrency exchange that consistently publishes its PoR reports. The Proof of Reserves serves as a tool enabling crypto exchanges to show they possess enough reserves to back the digital assets held by their customers. This is vital for sustaining confidence and safety in a sector frequently criticized for its opacity. Regular PoR reports reassure users and establish a benchmark that encourages other exchanges to enhance their transparency, thereby improving industry norms.
PoR reports' popularity surged following the FTX exchange's downfall in November 2022. These reports aimed to calm users who were anxious about withdrawing their assets from decentralized exchanges.
In August, OKX conducted two Twitter surveys to gauge public sentiment about the importance of PoR and transparency in choosing a crypto platform. The results were telling: 84% of respondents considered monthly PoR reports either “somewhat important” or “very important,” while 88% emphasized the importance of transparency.
“We have invested an incredible amount of time and resources in developing the best PoR in the industry, and the statistics show that crypto users value this,” added Rafique.
This article was written by Damian Chmiel at www.financemagnates.com.
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